Gov. Dannel P. Malloy has been sparring with his fellow Democrats in the House of Representatives over how much new tax and fee revenue should be raised for the budget. But the real debate is over what type of revenue should be raised — not how much.
Teachers Retirement System
Posted inMoney
Nappier: CT pension investments earned big returns
Connecticut’s cash-starved pension funds for state employees and municipal teachers got a big boost last fiscal year, state Treasurer Denise L. Nappier reported Monday.
Posted inEducation, Money, Politics
Malloy would cut local aid deeply to offset eroding CT tax receipts
Gov. Dannel P. Malloy has recommended more than $700 million in cuts to municipal aid to help compensate for a $1.5 billion projected decline in state income tax receipts over the next two years.
Posted inCities & Towns, Money
Coventry town manager Elsesser: Connecticut should consider the commercial activities tax
John A. Elsesser, longtime Coventry town manager, has been one of the leading figures in municipal government for nearly four decades. He understands the varied and intensifying fiscal pressures facing Connecticut and its municipalities, recognizes the need to raise revenue; and sees one possible way to do it fairly — a commercial activities tax.
Posted inMoney
Advocates for teachers, towns say voters oppose pension cost shift
The survey, commissioned by the Connecticut Education Association and the Connecticut Conference of Municipalities, found 64 percent of voters would cast ballots against legislators who back such a plan.
Posted inEducation, Money, Politics
Aresimowicz offers phase-in compromise on pension bills for CT towns
House Speaker Joe Aresimowicz offered a compromise Wednesday on one of the stickiest points in Gov. Dannel P. Malloy’s budget: asking communities to gradually assume a portion of skyrocketing teacher pension costs.
Posted inHealth, Money, Politics
No one wants a share of CT’s teacher pension bill
Municipalities and hospitals both fear the new cost burdens they would assume in Gov. Dannel P. Malloy’s budget would grow quickly as state retirement benefit costs surge in the coming years.
Posted inEducation, Money, Politics
Malloy: Pension bills for CT towns part of a larger plan
The shift of $400 million in teacher pension costs onto municipalities is part of a much larger plan not only to close a significant projected state deficit, but also to address long-ignored inequities in municipal funding, the governor said. More details of that plan are expected today.
Posted inEducation, Money, Politics
Malloy would bill towns for teachers’ pensions, cut middle-class tax credit
Gov. Dannel P. Malloy said Friday his proposed budget would shift $400 million, nearly one-third of the cost of municipal school teachers’ pensions, onto cities and towns next fiscal year — a move that would hit the state’s wealthiest communities the hardest.
Posted inEducation, Health, Money, Politics
A legacy of debt: Connecticut standing on its own fiscal cliff
The budget that Gov. Dannel P. Malloy will present to the legislature Feb. 8, in an attempt to close $3 billion in deficits over the next two years, is only a portent of a far greater, long-term challenge facing the state. First in a series.
Posted inEducation, Money
Teacher pension costs to surge, widen hole in next state budget
State spending on retired teachers’ pensions is set to surge $282.7 million next fiscal year – a 28 percent increase the state is obligated to fund and is likely to worsen budget deficit projections for 2016-17 by $47 million.
Posted inMoney
Malloy in talks with state unions to restructure payments owed pension fund
Gov. Dannel P. Malloy’s administration is in negotiations with state employee unions — but only over how to restructure payments Connecticut owes to its cash-starved employee pension system, not any changes in benefits or employee contributions.
Posted inMoney
CT faces legal roadblock to easing rising teacher pension costs
While state government continues to explore spreading its pension debt among future generations, Connecticut apparently won’t have that option when it comes to benefits owed its public school teachers.
Posted inMoney, Politics
Treasurer raises more concerns about Malloy’s plan for pensions
While Gov. Dannel P. Malloy intensified his pitch Tuesday to restructure Connecticut’s troubled pension funds, state Treasurer Denise L. Nappier repeated earlier fiscal concerns — and raised new legal questions. The treasurer also said she would offer a “less radical” alternative next month to the governor’s plans for pensions involving state employees and public school teachers.